In May 2022, Instagram began testing NFT sharing on its platform, allowing US users to connect to their digital wallets and display the NFTs that they either created or purchased. Instagram is focused at the moment on improving its user experience by expanding monetization opportunities and delivering NFTs to a wider audience.
In August 2022, Instagram NFTs testing was expanded to 100 countries across Africa, Asia-Pacific, the Middle East, and the Americas, as well as support for Coinbase Wallet and Dapper Wallet. Facebook, the parent company of Instagram and Facebook, has recently begun testing the feature on Facebook.
What does this imply for the NFT market? How does it assist the community? Let’s get started!
What are Instagram NFTs?
NFTs are non-fungible tokens. Each NFT is stored on a blockchain using smart contracts, ensuring its uniqueness. NFTs are unique digital assets that cannot be reproduced.
If you’ve been keeping up with the latest news, you’re aware that Social Media Platforms are venturing into Web3. And Instagram, one of the world’s most popular networks, is no stranger to innovation.
Since May 2022, a restricted group of Instagram users has been able to link their accounts to a cryptocurrency wallet such as Rainbow, MetaMask, or Trust Wallet. This enables them to present their NFTs on the Ethereum, Polygon, and Flow networks. NFTs that are displayed on Instagram are called Instagram NFTs.
After a user submits an NFT image, the platform gives the image a shimmering look and shows information that is available to the public about the NFT, such as a description of the collection, a description of the piece, or tags for the artist. Similar to Twitter’s hexagonal profile picture, the shimmering appearance serves to visually communicate ownership and validity of the asset.
While scrolling through your Instagram feed, you may come across an image of an NFT collection, which will be marked with the official insignia. Instagram will automatically tag the creator and collector of the asset posted due to its interface with blockchains.
Who can access Instagram NFTs?
Meta announced the launch of digital collectibles on Instagram in the United States in May 2022. Another 100 countries from the Americas, Asia, and Africa have joined the list as of August.
Despite the fact that European users cannot yet fully integrate their wallets and utilise this capability, they can still spot NFTs on Instagram.
Benefits of NFTs on Instagram
For creators
Today’s most popular NFT artists aren’t all on Instagram, but they do have a community on Twitter, for example.
Before he got successful with NFTs, an artist like Beeple was popular on Instagram. Instagram and visual content creation are thus inextricably linked, and NFTs bring digital authenticity to the mix.
Nonetheless, social networks such as Instagram are far more accessible to the public. Having your work there can help you reach even more people outside the bitcoin bubble.
As stated in the official statement, the integration of NFTs with Meta can “enhance the experience, assist them in creating new monetization opportunities, and bring NFTs to a bigger audience.”
For collectors
One of the numerous reasons why people have NFTs is to symbolize their particular identity. Instagram is one of the top social media platforms for this.
It’s hardly surprising, however, that many NFT collectors value the chance to share their digital collectibles with their followers.
You can share your NFT on Instagram – not just the image or video representation, but the NFT itself – because of its copy-proof blockchain identity.
How to post your NFT to Instagram?
The best method to tell if you have access to the function is to look for the “Digital Collectible” option, as illustrated in the image below.
Users can currently connect to third-party wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. As of August 2022, it supports Ethereum, Polygon, and Flow, with Solana to be added in the future.
By going to the “Digital Collectible” section, users can connect their digital wallets to the platform. Then, a notification will appear on your screen and guide you through the process of linking to a wallet. By selecting the “Add Wallet” button, you can easily add more wallets to your account. Wallet connection, according to Meta, just requires a single login and does not “publicly reveal” your wallet address. Users can then view and post all of their NFTs.
Users can then view all of their NFTs and post them. Users can hit the plus sign at the top of their screen and then choose “Post,” just like they would to share any other post on Instagram. A unique verified checkmark will appear above your phone’s library, allowing you to select any NFT in your wallet. Before sharing the selected NFT to your feed, you can give it a description.
When sharing a digital collectible, you will be tagged as its owner or creator. To authenticate ownership, Instagram confirms ownership of the blockchain address connected with the collection. Users can find their digital collectibles in the feed, on the main grid, and on the platform’s Explore page.
Ways to monetize NFTs on Instagram and Facebook
Connecting your wallet to Facebook and Instagram may be a good idea to display your NFT collection or creations and confirm their authenticity. The action is consistent with recent NFT functionality upgrades on other social media platforms, such as Twitter and Reddit.
As of September 2022, users were no longer able to access key tools, such as Collab publishing, fundraising, location tagging, and monetization services like branded content and boosting, which are typically used by content makers to generate revenue. The main monetization option was to use Instagram NFTs as an additional channel for marketing or to create buzz around an NFT collection.
The platform may make it simpler to mint or conduct business with digital collectibles, thereby increasing the functionality of its shop.
Conclusion,
Users can connect to their digital wallets and choose which Instagram NFTs to give their followers using the new NFT integration. This feature is similar to a digital art gallery in that the NFTs you own or have developed can be pinned to your feed with your other photographs.
If you have any concerns or questions related to NFTs on Instagram or Meta, let us know by leaving a comment below, or contact us at hello@satom.vc. Our NFT experts will help you clarify all your inquiries.
